Even as cryptocurrencies and their underlying technologies see their adoption rates soaring, many concerns have been raised about their energy intensive mining and operating processes which have held back their acceptance in many sectors as well. One interesting project that aims to counter this notion is The Internet of Energy Network (IOEN) based on Holochain’s ecosystem, designed to revolutionize the use of energy worldwide and make it far more efficient.
Distributed protocol IOEN wants to encourage agents among the smallest of communities to develop “virtual microgrids” and promote efficient use of energy right from these smallest units of energy consumers. The project is based on Holochain – one of the greenest open-source, P2P networks in the market at present. IOEN’s technology aims to make homes located anywhere around the world form a part of an intelligent, cooperative electricity system. The homes connected via the IOEN protocol will then become local, virtual energy microgrids, allowing them to connect any energy device – from solar panel systems, batteries to even household appliances, inside these homes within the microgrid network and work together towards utilizing energy more efficiently and generate opportunities for the use of more renewable energy in local energy networks.
IOEN has seen two IDO launches this month with a market cap of $500,000 in total – starting with a whitelist on TrustSwap on October 8 and then another on TrustPad on October 11, while its proper IDO is scheduled for launch today, October 13. On Thursday, October 14, IOEN will be listed on the centralized exchange (CEX) Gate.io in a bid to gain attention from a larger community of crypto investors. The CEX supports the buying, selling and trading of 1,000 different cryptocurrencies and enjoys a 24-hour trading volume of over $1.5 billion.
The IOEN protocol boasts a list of impressive backers, including SL2 Capital, Mashable, RedGrid, Black Dragon, Extra Watts, and more. Early purchasers of its tokens also have the option to stake them and earn 100% APY through the IOEN portal, letting users unlock their staked tokens after a minimum period of three months.
The Holochain network on which the protocol is created is an open-source framework that can connect user devices directly to each other in a decentralized manner without the use of servers via secure networks. It allows for the powerful features of blockchain technology to be used for creating self-owned identities and data on connected devices, providing an encrypted P2P network with mutual accountability for greater levels of security.